Wallet Weight: A Multi-Method Survey Validation Study for Measuring Financial Stress in College Students

• In Event: Navigating College Stressors: Food Insecurity, Finances, and Well-Being

Abstract

This validation study shares the process and outcomes for developing a measure to assess college students generalized financial stress. By employing multiple methods through a design-based research approach (DBR), the College Student Financial Stress survey (CSFS) underwent iterative refinement. This resulted in a concise and psychometrically sound instrument of 18 items, which was significantly reduced from the original 60 CSFS items. Outcomes from this study underscore the importance of assessing numerous forms of validity evidence through an iterative process. Moreover, this instrument can inform evidence-based interventions and support the reevaluation of existing financial aid structures, leading to more targeted and effective strategies that promote financial safety and equitable access to resources for college students.

Authors

• Dara N. Bright, Drexel University

• Toni A. May, Binghamton University - SUNY